Underused Housing Tax Regulations flagged for future repeal

An amendment has been added to the consolidated text of the Underused Housing Tax Regulations noting that a future legislative provision will repeal these regulations entirely. This repeal is not yet in force — it is listed as an 'amendment not in force' — so the regulations continue to apply in the meantime. Owners of residential property in Canada who are subject to the underused housing tax should be aware that the underlying regulations may eventually be removed. No changes have been made to the substantive rules or exemptions at this time. Those affected should monitor when the repeal provision comes into force, as it could change filing and tax obligations.